Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. We take our first question from Chanamallu Halagodi, an individual investor. Please go ahead.

I am a serious investor in the PTC India Company, I’m holding 8,000 shares in your company. I invested in this company in the hope of concentrating on purely core business. So, after announcing the divestment of PTC in the financial service, I got hope that you will concentrate in the core business. But since four years that PTC India Financial Service divestment is lagging behind, so I think you are not serious in the divestment of PTC India Financial , just you announced that announcement just to increase the market to value artificially in both of the listed companies. This is my question, sir.

Your concern is understood. Please let me make it very clear that a call to divest in PFS as and when that is taken, the market would be taken into the confidence. As of now, the PTC board had earlier considered its divestment. But at a later stage, that entire exercise was put on hold. One reason I can tell you is we are currently, I am in the midst of the transaction relating to PEL, post that this matter will be again considered by the P TC Board. But I assure you, that there is no absolute no intention as to I mean increase the share price just on the basis of a notion that we make an announcement and we do not follow it up.

Please take it serious and do it early, sir.

Yes, sir, your concern is I mean, take a note of. Meanwhile, while the second question comes, I would like to thank our previous investor to ask this question for having faith in the company. Kindly remain invested. We really need good investors who are with us for the long-term.

Thank you, sir. We have a question from Subhankar Ojha from SKS Capital. Please go ahead. Subhankar Ojha: So, with respect to that, divestment of PEL, what is the time frame that we have in terms of where are we in terms of the approvals and when do we expect to close this divestment?

We expect to close this transaction by mid of the next month. We are in the process of completing certain condition precedents, if we are able to complete those conditional precedent, we have the time till mid-December. Subhankar Ojha: And is there any thought on the uses of that fund?

Sir, I mean, we would like to of course in parallel we are working and the strategic, call regarding investments would be taken by the Board of the Directors at an appropriate time. Subhankar Ojha: And also, can you give a break-up of the receivables, which is I mean your H1? Can you give anything which is beyond say?

Yes, CFO would like to respond to your query.

The total debtors for the half -year is Rs. 6,609 crore s and our main debtors out of this is including basically, if you see that the we are also holding the creditors. So, our net exposure per say, just say, our net exposure is around Rs. 2,400 crores. So, we subtract the creditor out of it and an exposure is in J&K is around Rs. 990 crores. Subhankar Ojha: With respect to your exposure to Bangladesh, what is the receivable now and what was it say six months back?

Basically, there is no exposure as on date , as far as the Bangladesh is concerned. So, whatever amount is receivable that is also payable to the generator. As on 30th September, typically our debtors to Bangladesh was around Rs. 850 crores. But after that , we have received some payment from Bangladesh. Subhankar Ojha: So, you are saying from Rs. 850 crores, as of today, it is 0?

No, no.

No, no, it is not an open exposure. C orrespondence on, this is back -to-back cont racts. So, whatever we receive from Bangladesh, we shall be paying to the generator. So, if we have not received the money, then we have not paid the money to the generator. But the silver lining in this entire episode is this key, the outstandings have substantially come down in past one month. Payments have been accelerated from Bangladesh side, so we do not see any problem going forward.

The next question is from Suyash Bhave from Wealth Guardian. Please go ahead.

Our cross-border volumes for quarter were including Bangladesh 3 ,700 million units for the quarter. And for half-year, it is around 4,700 million unit.

So, 4,700 is for H1, half-year?

Yes, for H1. Absolutely, right.

So, and any update on HPX, performance and volumes?

Actually, I mean HPX is, as every investor in that company would know, HPX is not having a great presence in the DAM market. But it continues to do well in other segments of the market, except the DAM and RTM market. So, for DAM markets and for ADSS it has been able to gather substantial market share. But since the exchange business is basically revolving around the DAM and unless and until there is some policy announcement relating to market coupling , etc., it is difficult to bring volumes to on the DAM segment on HPX. So, that is it, that situation continues.

Would it be possible to share revenue number and profit numbers for HPX for Q2?

Yes. So, the revenue for Q2 was for the quarter is around Rs. 5.77 crores and the profit as a whole for HPX was around, profit before tax was Rs. 80 lakhs, because there was some negative taxation and all that. Profit after tax is around Rs. 1 crore.

Thank you. We have few text questions. The first question is from Abhimanyu Lakshman from Family Office. I have a follow-up question on PEL divestment. Can you please elaborate or give us an idea of the range of conditions for closure of the transaction ONGC? Thank you.

I mean the nature of discussions with the ONGC, I would not like to go into that detail. But we are hoping to conclude the transaction by mid of next month that much I would like to share here.

Thank you. The second text question is from Lipika Kundu and individual. Respected chairman sir, in spite of having good earnings in H1, why interim dividend has not been considered this time? Does it mean that H2 earnings will not be that good?

No, we do not see any headwinds as to our H2 performance is concerned. But only thing is that for this quarter as we have already said that the PAT has been a little bit subdued because we did not receive any dividend from our subsidiary. So, earlier also, in the previous year also, there has not been any practice of PTC to declare the interim dividends. So , I think, there is nothing surprising about not declaring the interim dividend. But after considering all factors, we will not disappoint the shareholders.

Thank you. Next question is from Chanamallu Halagode, an individual investor. What is the timeline you will take to complete the divestment of PTC India Financial Services from here onwards?

I have already answered that question. E arlier there was a discussion and then that decision regarding divestment was put on hold. Currently, I have been dealing with the divestment of PEL. So, after that board will take a call at an appropriate time. Divestment for the sake of divestment, I would like to, I mean, just apprise the investing community, divestment for the sake of investment is not the right thing to do. There has to be timing to it. And we believe, that PFS has potential to grow. So, I mean, decision for divestment has to be timed properly, if it is to be there. So, those aspects will be considered by the PTC board. If there are no further questions, we can close the call.

Sir, we have one text question. I will just read that. We have a question from Suyash Bhave from Wealth Guardian. Regarding the approval of accounts, what is the process forward? Will it be done in an EGM or would it be in next AGM? What would be the outlook on that?

Actually, you see the reason for non adoption of the account, most likely was some advice given by the proxy advisory services. So, we are first in the process of addressing the issues and the concerns which were raised by the proxy advisory services firms . And accounting being a quarterly process. So, this quarter was too little time for us to really remedy those problems. First, we would like to remedy those problems then only go to shareholders to say and apprise them about th e pr ogress, which we have made and then we will seek the approval of the shareholders or adoption on the accounts. It may take a quarter or so.

Thank you. Ladies and gentlemen, that was the last question for today. I would like to hand the conference over to Dr. Manoj Kumar Jhawar for closing comments. Over to you, sir.

Thank you very much, shareholders. I think all the meaningful questions have been asked and I think we have been as candidly able to answer your query. What I can share with you is here is thank you very much for remaining invested with us. Thank you for posing confidence in our company. Our company is doing everything possible to assuage the concerns raised by the investing community. We are working very hard on that. And hopefully, in the coming days our company will realize the progress which we have made. Thank you.

Thank you, sir. Ladies and gentlemen, on behalf of PTC India, that concludes today ’s session. Thank you for your participation. You may now exit the meeting.